Use the compound interest formulas A=P 1+- and A-Pet to solve the problem given. Round answers to the nearest cent. Find the accumulated value of an investment of $15,000 for 7 years at an interest rate of 6% if the money is a. compounded semiannually; b. compounded quarterly, c. compounded monthly, d. compounded continuously. a. What is the accumulated value if the money is compounded semiannually? $ (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) b. What is the accumulated value if the money is compounded quarterly? $ (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) c. What is the accumulated value if the money is compounded monthly? S (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) d. What is the accumulated value if the money is compounded continuously? $ (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) 4
Use the compound interest formulas A=P 1+- and A-Pet to solve the problem given. Round answers to the nearest cent. Find the accumulated value of an investment of $15,000 for 7 years at an interest rate of 6% if the money is a. compounded semiannually; b. compounded quarterly, c. compounded monthly, d. compounded continuously. a. What is the accumulated value if the money is compounded semiannually? $ (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) b. What is the accumulated value if the money is compounded quarterly? $ (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) c. What is the accumulated value if the money is compounded monthly? S (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) d. What is the accumulated value if the money is compounded continuously? $ (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) 4
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 26PS
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and A=Pet to solve the problem given. Round answers to the nearest cent.
Find the accumulated value of an investment of $15,000 for 7 years at an interest rate of 6% if the money is a. compounded semiannually; b. compounded quarterly; c. compounded monthly; d. compounded continuously.
Use the compound interest formulas A=P
nt
a. What is the accumulated value if the money is compounded semiannually?
(Round your answer the nearest cent. Do not include the $ symbol in your answer.)
b.What is the accumulated value if the money is compounded quarterly?
$
(Round your answer to the nearest cent. Do not include the $ symbol in your answer.)
c. What is the accumulated value if the money is compounded monthly?
(Round your answer to the nearest cent. Do not include the $ symbol in your answer.)
d. What is the accumulated value if the money is compounded continuously?
$
(Round your answer to the nearest cent. Do not include the $ symbol in your answer.)
A
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